Fortis Healthcare sets up committee to comply with SEBI norms

NEW DELHI: Fortis Healthcare today said its board has formed a committee to evaluate options to comply with the minimum public shareholding requirement guidelines.

The company said its board has constituted an issue committee to evaluate various options available in order to comply with the minimum public shareholding requirement as specified under the Securities Contract (Regulation) rules, 1957 and clause 40A of the equity listing agreement, Fortis Healthcare said in a BSE filing.

"The company is in the process of evaluating various options under the prevailing regulatory framework. Till date no final decision in this regard has been made," it added.

A company spokesperson when contacted said, as per the regulator's mandate, the promoters will reduce their stake in the company from 81 per cent to 75 per cent.

As per the guidelines of Securities and Exchange Board of India ( SEBI) the public shareholding in all listed company should be 25 per cent by June 2013.